PRE MARKET

The big story this morning is IBM as it is up almost $10. IBM reported lower earnings and sales from the year before but BETTER THAN EXPECTED. Of course, IBM used about an 11% tax rate. But in the spirit of IT’S NOT THE NEWS, IT’S HOW MARKETS REACT TO THE NEWS, we take no issue. This will surely open the Dow above 23,000 (yippee) as that’s about 70 Dow points. BTW, up until this morning, IBM is trading just above where it was in the year 2000.

Leader LRCX also reported…and they were strong numbers. Up about $3. Keep in mind, semis have had a strong run.

For the rest of the week, earnings out of:

AXP, EBAY, BBT, BK,DHR, DNKN, ITW, KEY, URI, KEY, NUE, PM, PHM, PPG, SAP, TRV, UNP, VZ, ETFC, ISRG, KLAC, MXIM, PYPL, STLD, GE, HON, KSU, SLB, STI….and that’s just the beginning.

NDX futures hardly up but DOW futures better because of IBM.

BERGDAHL

What a turd. Puts others in harm’s way for his cowardice…and we traded 5 Taliban prisoners for him. I guess one can argue after all, he is an American. I guess!

Source: http://www.cnn.com/2017/10/16/politics/bowe-bergdahl-guilty-plea/index.html

PRE MARKET

GS up about $2.80 in the Dow.

After being up a few last night, NFLX now down almost $1. Lots of spending going forward.

MS up about 1.5%.

UNH up $4 in the Dow.

JNJ up $1 in the Dow.

HOG down $1.50.

BMI down about $9 big dollars.

After the close: IBM, UAL, CP. IBM has been a big lagging name.

Futures flat.

BIIB up on upgrade and drug news.

Leader LRCX now upgraded.

Markets remain very overbought but hasn’t and so far, doesn’t matter. The best thing the market could do is work off the past 3 week’s move…

 

 

 

PRE MARKET

To state the obvious facts, for the past 3 weeks, groups like semis, China ADRs, tech, internet have been en fuego. Normally, you get ebb and flow, which means pullbacks and rallies. This is the definition of persistence that does not allow entry. On top of that, it is all occurring pre-earnings reports.

We have seen this before and to be blunt, it can last in spite of calls it can’t. So just follow price…which will always dictate. Just know when earnings are coming out for names you own or names you are looking at.

Futures up with NDX futures up better.

Also need to make note to put commodities on your screen. Seeing steel, metals/mining showing up. Keep in mind, they are commodities, all based on price of the underlying commodity.

CALIFORNIA GOVERNMENT- AN INSANE ASYLUM

SOURCE: http://dailycaller.com/2017/10/09/california-to-have-harsher-penalty-for-pronoun-violations-than-for-knowingly-spreading-hiv/?utm_source=site-share